Top 5 Best Credit Cards for Students in India 2024
Being a student is both exciting and utterly new, promising opportunities and responsibilities simultaneously. One such responsibility that comes up quite often is managing personal finances. Many students believe that credit cards are designed for adults working out there in the job market. That’s not true. For students, actually, a credit card can work rather in their favor. It can be used to purchase something online, pay for courses, or even manage travel costs-things that a credit card can make surprisingly convenient and flexible.
In this blog, we will guide you on the best credit cards for students in India; factors to keep in mind before applying; and how to use the credit card responsibly.
Key Factors to Consider When Choosing a Student Credit Card
While the options may overwhelm you, there are some key factors to remember that could make the decision-making process easier.
1. Annual Fees:
As a student, you would probably want to shy away from cards with annual fees that run into hundreds of dollars. Fortunately, most zero or low fee student credit cards will not charge you an annual fee so you do not have to shell out money just to keep the card.
2. Credit Limit:
Credit limit means the maximum amount possible you can borrow with the help of your credit card. Of course, as a student, you needn’t have any big credit limits. What’s required is a manageable limit which will just be enough to help you spend properly without going out of limits.
3. Rewards and Offers:
Students love to be rewarded, and their credit cards often use cashback, discounts, or rewards points. Such rewards help in frequent spending like books, gadgets, or food.
4. Interest Rates:
What is interesting about it is that the interest rates will determine how much more money you have to pay if one does not pay in full. The interest rates are always at their lowest, and they happen to be the best for students with variable incomes.
5. Eligibility Criteria:
Most student credit cards have easy qualification requirements, but always check. Some require a savings account, and others require a co-signer from a parent or guardian.
Top 5 Best Credit Cards for Students in India (2024)
Here are the best student credit card options available in India, for your convenience.
1. SBI Student Plus Advantage Credit Card:
At the top of the list under this category comes the SBI Student Plus Advantage Credit Card. The card does have a number of benefits that could make it one of the most sought-after cards in the market.
- Advantages: You can have points awards for every purchase; you will get back cash on the movies that you watch, and even have fuel surcharge waivers.
- Annual fee: the annual fee is relatively low and also waived when spending over a certain amount in the year.
- Eligibility: You need to have a fixed deposit account with SBI in order to apply for this credit card.
Overall, this is a good option and one of the best contenders to claim the title of the best credit card for Indian students.
2. ICICI Bank Student Travel Card
The ICICI Bank student travel card is an application suited for those students who are moving out of the country for higher education.
Key Benefits: This card can be used to pay out tuition fees and accommodation along with other expenditures while you are abroad. It also avails discounts for booking air tickets or hotels.
Annual Fee: The annual fee is quite low, and the card is offering all the above benefits to students who are studying abroad.
Eligibility: You need to provide the admission documents to university abroad to get this card.
If you are an international student, this may be the best credit card for a student in India.
3. HDFC Multicurrency Platinum ForexPlus Card
If you are a student planning abroad to continue your study or traveling overseas, this card is perfect for you.
- Key Benefits: It allows you to hold multiple currencies and this nulls the cross-border charges, so you can use any currency you prefer. It’s excellent for controlling your expenditure when traveling as it is not dependent on the exchange rate.
- Annual Fee: Very low fee and is also highly accepted.
- Eligibility: Show your student status and savings account with HDFC.
If you’re an international student, this could be the best credit card for students in India.
4. Kotak 811 #DreamDifferent Credit Card
The best credit card for a student in India is the Kotak 811 #DreamDifferent Credit Card which comes handy for students eager for a digital-first experience.
- Key Benefits: There are no annual charges with acquisition of rewards on all of your purchases. Online application facility throughout therefore trouble free.
- Eligibility: A student possessing Kotak 811 account might find it relatively easier to avail of the card.
This is a digital friendly option and students who would like to have the best credit card for students in India without any hassle, whatsoever, will find it very useful.
5. Axis Bank Insta Easy Credit Card
Axis Bank’s Insta Easy Credit Card would thus be a good option for students who may not have an organized income but still want a credit card.
- Key Benefits: It requires no income proof for the card, and it comes with a flexible credit limit that keeps inflating in terms of your needs. There are even reward points on every transaction you do.
- Annual Fee: The card has a minimal annual fee, so users find it budget-friendly.
- Eligibility: Students who have a fixed deposit in Axis Bank can easily get this card without the need for extensive documentation.
For students who look out to easily get approval, this is one of the best credit cards for students in India.
How to Apply for a Student Credit Card in India
Applying for the best credit cards for students in India is easy. Here’s a simple step-by-step guide:
- Choose the Right Card: Choose a card based on your requirements that is good for your lifestyle and financial requirement .
- Check Eligibility: Check if you meet the eligibility of the card, whether it is having a savings bank account or proof of student status.
- Submit Documents: You’ll typically need ID proof, enrollment proof in an educational institution and sometimes a parent or a guardian as a co-signature.
- Wait for Approval: Once you provide the application form, the bank will process it and offer you a credit card, provided all the facts are true, within a few days.
Benefits of Using a Credit Card Responsibly
Having the best credit card for students in India would be a fine tool for managing finances, but one should use it responsibly.
- Building a Good Credit Score: The utilization of credit cards and on-time bill payments can help build a good credit rating. You can be more productive in the future when borrowing or in need of a higher credit limit.
- Financial Management: The best credit cards for students teach how to use your finances in the most effective way. It helps you to track your spending and stay within your budget.
- Emergency Support:In case of emergency, a credit card will serve as a ‘lifesaver’ since it allows you access to your money without much delay.
Common Mistakes to Avoid with Student Credit Cards
Though convenient, using a credit card might land you in debt quagmire if you fail to exercise control over its use. There are some mistakes that you should look out for:
- Overspending: With a credit card, you can easily spend much more than you earn. Always stay within your budget and avoid unnecessary purchases.
- Missing Payments: Missing payments will damage your credit score; and add big interest charges. Pay your bills in time, no matter how minuscule the amount could be.
- Not Reading the Fine Print: Read the fine print of any credit card you are applying for. This will allow you to be aware of all potential hidden fees and charges.
In conclusion, the best credit card for Indian students depends on specific needs. If you want cashback, rewards, or cards perfect for studying abroad, then there are many options available. What is important is that you use your credit card responsibly; it could be one of your richest financial tools in helping you control your expenses and build a good credit history.
Now that you have the information, go ahead and choose the best credit card for the student in India that suits you! Learn more about credit card for student in India by clicking here.